Tax exemption for approved infrastructure enterprises under section 10(23G) subject to compliance, audit and withdrawal conditions. Approval has been granted to the Upper Krishna Project of Krishna Bhagya Jala Nigam Ltd. as an infrastructure enterprise eligible for the tax exemption under section 10(23G) of the Income-tax Act, 1961 for specified assessment years. The approval is conditional on compliance with section 10(23G) and rule 2E of the Income-tax Rules, 1962, and on maintaining audited books of account and furnishing the audit report as required; the Central Government may withdraw approval if the undertaking ceases infrastructure activities or fails the accounting and audit obligations.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for approved infrastructure enterprises under section 10(23G) subject to compliance, audit and withdrawal conditions.
Approval has been granted to the Upper Krishna Project of Krishna Bhagya Jala Nigam Ltd. as an infrastructure enterprise eligible for the tax exemption under section 10(23G) of the Income-tax Act, 1961 for specified assessment years. The approval is conditional on compliance with section 10(23G) and rule 2E of the Income-tax Rules, 1962, and on maintaining audited books of account and furnishing the audit report as required; the Central Government may withdraw approval if the undertaking ceases infrastructure activities or fails the accounting and audit obligations.
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